The stock price of Piramal Enterprises Ltd rose 13.48 per cent intraday trade today to hit a fresh 52-week high of Rs 2,949.90 on the National Stock Exchange (NSE) on the back of robust earnings in the fiscal fourth quarter 2017. Post-market hours on Friday, in a notification to the stock exchanges, the company reported that its net profit in the period under review rose 61 per cent on account of improved performance across all business segments and lower R&D expenses.
The Mumbai-based healthcare and financial services company’s consolidated net profit for Q4 FY17 was Rs 310.96 crore against Rs 193.07 crore during the same period last fiscal year. Its total income from operations rose to Rs 2,462.26 crore from 1,691.03 crores in Q4 FY16. For the fiscal year 2016-17, Piramal Enterprises’ net profit rose 38 per cent to Rs 1,252.33 crore from Rs 904.74 crore in FY16.
“We are pleased to announce that Piramal Enterprises has achieved robust revenue and profitability for the year. The company has delivered Rs 8,547 crore of revenues for the year, recording a 34 per cent growth and net profits of Rs 1,252 crore for FY17, up 38 percent over last year. Strong growth across all businesses during the quarter enabled us to deliver the best quarterly performance over the last few years. We remain steadfast in our commitment to generate year-on-year improved performance and to drive innovative strategic business initiatives that bolster growth, strengthen our market leadership and consistently create long-term value for our shareholders,” said Ajay Piramal, Chairman of Piramal Enterprises.
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Revenue from pharma business grew 31 per cent to Rs 1,214 crore in Q4 FY17 and 12 per cent to Rs 3,893 crore in the full fiscal year 2016-17, Piramal Enterprises said in a statement. The company added that its revenue from global pharma business rose 29 per cent to Rs 1,103 crore on the back of addition of new products, strong order book and deliveries across all key segments of the business.
Earnings from financial services soared 81 per cent to Rs 999 crore, while those from information management business rose 8.8 per cent to Rs 227 crore in the March quarter, the company added.
The company’s loan book grew 87 per cent to Rs 24,400 crore in the fiscal year 2016-17 compared to Rs 13,048 crore in the previous fiscal.
At 12:35 pm, shares of Piramal Enterprises were up 11.55 per cent at Rs 2,899.80 on the NSE, even as the benchmark indices, BSE Sensex and NSE Nifty were only 0.46% and 0.47% higher respectively.